Stocks Market
Morocco Treasury Raises 4.5 bn Dirhams as Short‑Term Yield Curve Relaxes
On February 17, 2026, Morocco’s Treasury successfully placed 4.5 billion dirhams of Treasury bills, attracting a total demand of 17.07 billion dirhams. The operation, which covered 52‑week and 2‑year maturities, produced yields of 2.319% and 2.543% respectively – marking a noticeable drop of 8.1 and 18.9 basis points against the previous issue, signalling a easing of short‑term rates. The settlement is scheduled for February 23, 2026, according to the Direction of Treasury and External Finances (DTFE).
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Date: Wednesday, 18 February 2026
Key Highlights
- Amount raised: 4.5 billion dirhams
- Total investor demand: 17.07 billion dirhams
- Maturities offered: 52 weeks (1.35 bn DH) and 2 years (3.15 bn DH)
- Issued yields: 2.319% for the 52‑week bill and 2.543% for the 2‑year bill
- Yield decline versus the previous issue: -8.1 bps (52 weeks) and -18.9 bps (2 years)
- Settlement date: 23 February 2026
The operation, conducted by the Direction of Treasury and External Finances (DTFE), demonstrates a clear easing of short‑term rates in Morocco’s sovereign debt market. Investors’ appetite remained strong despite the lower yields, as evidenced by the sizeable oversubscription.
For additional context, recent Treasury communications point to a projected fiscal need of between 11.5 bn and 12 bn dirhams for February, and the Treasury anticipates a growth trajectory that could approach 6% in 2026.